5 Things to Consider While Choosing Your Business Expense Tracking Software


choosing-business-expense-tracking-software

In recent years, a large number of businesses have been using expense tracking software to forecast sales, manage expenses, inventory, and much more, because they do not want to waste time on unnecessary tasks. With a business expense tracking software, you no longer have to rummage through pages, and hope that you haven’t missed out on something important. All you need to do is click a few buttons, and vital information will be at your fingertips.

But any business expense tracking software will not work. You need the right one, and that is why, we have come up with some tips that will help you pick the perfect expense tracking software for your business.

    Also Read: Business Expense Management Software for Transparent Expense Tracking

1. What are your needs?

First, you need to have a clear idea of about your business and your needs. For instance, you need to know what is the size of your business? How much money does it make? Do you need software that is specific to your niche? Say, if your business makes millions of dollars a year, it would have different accounting needs from one that makes less than $50,000. Depending on the size and income, there are various expense tracking software, and even ones that work best with small or medium-sized businesses. You will also find customized expense management solutions for various sectors like manufacturing, hospitality, retail, and much more.

2. Should you go online or offline?

The next important question is whether you should choose an online or offline software? Most businesses opt for cloud-based software, as they offer more benefits than offline solutions. Yet, some businesses that do not have access to the internet prefer offline software.
We recommend that you choose an online business expense tracking software. All you need is an internet connection, and you will have easy access to all your data.

3. How friendly is the user interface?

How often have you left an app or a website because of the interface? Has it left you wondering how the UI/UX developer got away with it? So, let’s not repeat that with your expense tracking software, and get the one that is easy for your employees to learn and use. Imagine the software filled with every imaginable feature; sounds messy, doesn’t it? To avoid that, go for one with a simple user interface. A clean interface makes it easier to focus on tasks and decreases the learning curve.

4. How scalable is the software?

As businesses grow, so do their accounting needs, but you already know that. Surprisingly, many businesses fail to realize this initially and have to migrate to a new expense tracking software when their existing ones can’t cope. Better avoid that mistake, and pick a free expense tracking software that can be scaled and enriched with features as your business grows.

5. What is your budget?

From small business expense tracking to large business expense tracking software, there is a software for every budget. You will even find some free expense tracking software that you can download online. However, the more specialized the software gets, the pricier it becomes. Once again, depending on your needs, the budget of your software will vary.

    Also Read: Software for Tracking Income & Expenses for a Personal Business – The top 7

Conclusion

We know that finding the right expense tracking software for your business is no simple feat. You are looking for software that you can trust for years to come. And that is why we at CloudBooks have developed one of the best expense tracking software’s that keeps all your needs in mind.

6 Reasons Why Startups Should Use Online Invoice Software


startups online invoice software

Invoicing is probably the most challenging task for a startup. Moving to online invoicing software can make these work easier. Here are some reasons why should start using it.

Most startups run on a tight budget and struggle to manage their finances. These organizations often chase after clients to make sure all the bills are paid, and at times, miss out on important tax benefits – all due to improper invoicing. Considered as a tedious yet necessary function of a business, invoicing when done properly can save time and ensure regular flow of cash. An online invoicing software can help startups achieve that level of efficiency by making the process faster and error-free.

Here are 6 reasons why startups should start using an online invoicing software –

Easy Payments
Whether it is travel expenses, or business purchases, payments require documentation and endless files. Online invoice software like CloudBooks allows you to track payments easily. You can also manage the invoices of both employees and clients with a simple cross platform application. With an online invoicing system, you can make the process error-free.

   Also Read: Billing And Invoice Software

Fits your Budget
No startup goes without its share of expense sheets and budget cuts. Generating invoices is a lot of work and hiring a bookkeeper can land you in financial trouble. This is where online invoicing software can come to your rescue. A free online invoicing software allows you to make invoices and perform basic financial calculations. This means efficient bookkeeping without a dent in your budget.

Smooth Paydays
When you work with freelancers, accurate time-tracking is very important. However, it requires a lot of effort. First, you keep a filing system, then you have to make sure it is verified and cross checked, before you hand out payments. And since, not everyone employee is on the same pay scale, you have to customize your salary slips. Online invoicing does all that in one go. You can track time and use automatically-generated customized pay slips. With an online invoicing software, you can easily track the time you spend on each client, and generate error-free invoices. And subsequently generate invoices on multiple paydays.

   Also Read: Online Invoicing for Small Businesses: Brief History & 5 Essential Invoices You Need

Currency is not a Barrier
With the onset of globalization, no startup is limited to one province or country. Wherever exchange of money is involved, each country follows its own laws. Most online invoicing software offer seamless integration with numerous payment gateways. This makes it easy for any business to attract a wide range of clients. Not only that, it allows clients to pay easily, and therefore, pay on time.

Automated Accountancy
Nothing hurts a business more than unaccounted work. Unaccounted not just in terms of credit but due payments. An online invoice generator uses automatic payment reminders for both you and your clients. This along with payment gateway integration makes the payment process easy. You clients are more likely to pay on time. Along with this, online invoicing offers automatic cloud backup of your transactions. So, nothing is lost in the way. You can bill your clients automatically, setting up payment channels using an online invoice system as well. Similarly, you can use an invoicing software to follow up with overdue accounts, seamlessly.

Ease of Access
Online invoicing software gives a startup the wings it needs in the initial stages. Online invoicing software like CloudBooks offer cross platform connectivity. This means you can generate invoices on the go, even on your phone. With the cloud-based model, you can virtually access your entire financial history as long as you have an internet connection.

   Also Read: An overall review of Online Invoicing Software

How to Plan Your Business Growth After And During a Recession?


business-growth-after-and-during-recession

The COVID-19 pandemic has disproportionately affected small businesses, with twenty-five percent expressing concerns over the supply chain and twenty-nine reporting a drop in sales. To make matters worse, the National Bureau of Economic Research has confirmed that the US is in a recession.

What can you do to ensure you are one of the recession-proof businesses? Here are the top 6 proven strategies to not just survive, but also to tap into the business opportunities during the recession and emerge successfully from the effects of the pandemic.

• Keep close watch over your company’s financial health

Since most small businesses fail due to a lack of consistent cash flow, you must monitor the metric closely during a recession. Having proper data is important, so ensure to invest in proper invoicing software for small businesses, such as the one from Cloud Books that can help in business expense tracking. Once you have the crucial data, you can proceed to cut back on unnecessary expenses and spend more wherever needed to keep the company afloat.

  Also Read: 10 tips for growing your business

• Offer new products and services

A time-tested way to attain business growth in a recession is to build multiple revenue streams by offering new products and services. As the needs of the market change during a recession, it would be prudent to offer repurposed versions of your product to meet those demands. Coming up with more cost-effective variants of the product/ service can also help.

• Ramp up your marketing efforts

Small businesses often make the fatal error of cutting back on marketing. With the recession happening, it is more important than ever to come up with innovative campaigns to reach new customers and retain the older ones. One of the first things to do is analyze your customer’s recession behavior, following which you can tailor your marketing to increase your conversion rates and bring in new prospects.

  Also Read: Looking to the Future: Preparing Your Business For Success or Failure

• Explore various financing options

The best time for exploring credit options is before you need them. Even if you do not require loans or lines of credit, it is best to keep track of them for use on a rainy day. As a small business owner, you can choose from business credit cards, credit lines from the Small Business Administration (SBA), and invoice financing or factoring, which allows you to sell your unpaid invoices to a factoring company.

• Look into insurance/ disaster relief

One way to raise money to keep the company running through a recession is tapping into your business insurance funds. Also, during times of disaster, many organizations provide disaster relief. For instance, the San Francisco Small Business Resiliency Fund has been giving out up to $10,000 for making business payments, so reaching out to such groups for assistance can bolster your chance of survival. It is also worth noting that you can get SBA Disaster Relief Loans for a low-interest rate.

• Consider international expansion

Expanding globally can be a great way to diversify your business even if your operations at home are not yielding results.You may still get consistent revenue from elsewhere. However, this is to be undertaken with meticulous planning and market research.

Bottom-line

Although we cannot predict for sure when things will get back to normal, effective business strategy during a recession can go a long way in helping you stay afloat. There are also numerous new opportunities that small firms can use to their advantage. All that is required is the willingness to follow the proven measures to get through and thrive in a recession.

  Also Read: Five Tech Solutions Your Small Business Needs